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In the interest of highlighting "good" service that all of us would gladly
pay "a little more" for. This is an excerpt from a customer inquiring about
no fill in the sugar market after about 2 hours using a well known browser
based internet IB-I thinks it's SuccessTrade or something another. Lets see
what "paying alittle extra" gots this trader!
Anyone trading Sugar this morning ??
What are your waiting times for getting fills back
With Successtrade I have been waiting 1 3/4 hours for a fill
on a sell stop @ 6.19 which was hit at 8:43
rith now it is almost 10:30 and still no fill
Is this just Successtrade or common among other brokers ??
I cc'd this message to Successtrade and this was their response
=================================================
I don't think it's particularly kind of you to demand and receive this sort
of attention and then to go and send an unflattering message about
Successtrade to your discussion group exactly when I'm in the middle of
helping you. That's so unkind and thoughtless that I'm quite disgusted. If
you don't appreciate the assistance that I'm personally giving you, and if
you can't control your nastiness in the meantime, then I'll be happy to
cease helping you, close your account, and send your funds home to you. You
can then go find another futures broker, which I'm sure will be the object
of your nastiness someday soon. In the meantime, I'm happy to continue to
assist you, but if you behave this way once more, we're finished. I simply
don't have time for people who behave in this manner.
Regards,
Successtrade, LLC
Chicago
======================================
Looking for fills after waiting almost 2 hours is "demanding"
Asking for input from others regarding their fills is "unflattering to
Successtrade"
My "nastiness" ???????? looking for feedback from others is "nastiness"
?
============================================
I think some brokers are getting touchy about our exposing their
shenanigans on the internet. On another forum I expressed my frustration w/
an IB & a particular broker. He called me that night, complaining that I
had "raped" him (those were his exact words) on the forum. I did nothing
more than list the *factual* problems that weren't being corrected.
Eventually, I reposted, saying the guy was sincere, etc., etc. However, I
changed nothing about his firm's behavior. Since then I have moved my
funds. I'm still waiting for a promsised credit to my account.
It's always been word of mouth in this business. Now, hundreds & even
thousands of traders can find out how good or bad a service, etc really is
-- all in a matter of hours. It's probably pretty threatening to those who
have something to sell that doesn't measure up to thei claims. Their cover
is blown.
=====================
Last week I also waited 2 hours for fills on the CD and similar
delays in SM.
this was the original response I received from Successtrade
which acknowledged the slow reporting of fills
======================================
Dear Mr. XXXX:
I'm sure that you're smart enough and experienced enough to know that all
futures brokerage firms experience the same conditions and the same fill
reporting difficulties, no matter whether they're full-service or discount,
Merrill Lynch or Ira Epstein. Doesn't matter. I've pulled your tickets,
and I happen to agree with you: Some of these fill reporting times are
crazy. No question about it, and I've asked our clearing firm's desk
managers to give me an explanation on several of these orders. It upsets me
to see such long delays in the reporting of fills.
=======================================
Like you say, once these things are posted on lists and newsgroups
the attitude of such brokers changes dramatically as noted in the previous
email from Successtrade which i posted.
How about this one...........
=================================
I'll be happy to ask our clerks to check on your orders. But on the other
hand, I've explained to you before that the futures markets in 1999 are
nearly all open outcry, and that presents certain challenges for all
brokerage firms and traders. It's probably more frustrating for us than it
is for you! No matter how technologically advanced we try to be, our
customer orders must end up in the hands of a human being standing in the
pit. That's a terribly inefficient system, but we have no choice in the
matter, sir.
So many people have invested so much time, effort, and money into making
Successtrade the fine company that it is today, and to think that you'd feel
it necessary to go out on all the Internet newsgroups and smear our good
name is disappointing. You can be sure, Mr. XXXX, that if you decide to be
so mean-spirited, we'll use all means at our disposal, including legal
means, to prevent that and to recover any resulting damages. You've
threatened us, Mr. XXXX, and I will promise that we'll act forcefully to
protect the equity that we've built in the Successtrade name. More than
anything, however, I'm just saddened by your approach. Your threatening
tone is beneath you, sir.
Mr. XXXX, could I invite you in the future to send an e-mail to our
Customer Service desk (service@xxxxxxxxxxxxxxxx) whenever you have such
problems, and our staff there (yes, the same ones who'd be hurt by your
slander in the chat forums) would be more than happy to assist you to the
best of their ability. Today, I'll check these orders personally, but in
the future, I'd appreciate it if you might direct such inquiries to the
aforementioned e-mail address. We monitor e-mail constantly, so I'm sure
that we'll be able to check your orders without delay.
============================================
Good Advice:
Immediately go find a better broker. The attitude he
exhibited with his reply shows just what he thinks of the
relationship he has with you: He thinks you are indebted to
him because you have an account with his firm.
Did he give you a 'verbal' fill, meaning, 'yes, you're
filled...the market fills are slow today, I am trying to get
the price...'?
I am not trading sugar today [or anything else today...bad
cold]but I have been trading it daily for the past four
months or so and I haven't had any problems getting my fills
out of the NY pits. At minimum, he should acknowlege you are
filled...most good brokers will also at least give you a 'no
worse than XXX...I am trying to get an improved fill or the
exact fill.' Usually, when you get nothing but silence for
several hours after they have run stops, it means the deck
holder in the pit has butchered the stop fills and he is
unwilling to give out prices until he and his assistants can
add up the carnage to his own account and be certain he has
covered his ass--But even then, you should be able to get an
acknowlegement that you were filled and also a 'no worse
then XXX.'
The only thing positive about these posts is that others
will jump into the discussion and less experienced traders
will see what types of service brokers do give--and learn to
demand a minimum level of service.
============
The problem is too many idiots in the industry and this is a prime example.
This is a supermarket not a brokerage firm. They are only interested in
moving em through, not providing any real "service". If this happened where
I trade, my guys would have the trader or runner or somebody on the
phone--- it just would not be left to go like this.
This guy just has NO FRIGGIN CLUE what the business is about or how to run
it.
==========
Wow, who is paying who here. I hope this isn't management or
someone who will be handling your fills in the future.
=========
Thus, why should any trader be willing to pay
>$20 or $45 or $60 to buy a lousy T-Bill? It seems to me that the
>higher-quality clearing firms usually provide this service free-of-charge
to
>their clients. But alas, the higher quality firms are also generally a bit
>more expensive on commissions, and many traders seem to focus on
commissions
>with little regard for the behind-the-scenes fee structure of the firm. I
>wish more traders would more carefully scrutinize fees instead of
>automatically jumping to the often-incorrect assumption that a lower
>commission rate always means lower overall trading costs.
>
>Just an observation....
>
>Regards,
>
>XXX
>
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